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Cybersecurity
Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
AI Risk & Governance
Singapore Launches Governance and Testing Frameworks for GenAI
By Nithya Subramanian | 03/06/2024
Project Moonshot is a toolkit for testing GenAI models. The new Model AI Governance Framework spells out nine dimensions to foster a trusted GenAI ecosystem.
Cybersecurity
Korea Launches “Bug Bounty” Reward Programme
By Manesh Samtani | 01/06/2024
Any Korean national can apply to participate in detecting security vulnerabilities in financial industry software, mobile apps or websites.
Fraud, Scams & Cybercrime
Swift Announces Industry Partnership to Combat Fraud With AI
By Editors | 31/05/2024
FIs will share data with privacy-preserving controls so that AI can be used to detect fraud patterns from a “much richer dataset”.
Data Privacy
MAS Observes Data Governance Gaps at Some Banks
By Nithya Subramanian | 30/05/2024
Banks that underwent thematic inspections on their data governance and management have taken or are taking remedial actions.
Cybersecurity
BIS Explores GenAI Use to Boost Central Bank Cybersecurity
By Editors | 30/05/2024
Existing IT staff at central banks may not be fully prepared to handle the fast and disruptive innovations associated with GenAI.
AI Risk & Governance
Singapore Launches Digital Enterprise Blueprint for SMEs
By Nithya Subramanian | 30/05/2024
The DEB will support SMEs in making full use of their existing digital capabilities and help them adopt AI-enabled solutions.
Cloud & Infrastructure
BSP Eyes Open Finance Platform for Pensions, Insurance
By Mark Johnston | 28/05/2024
The open finance platform will use APIs to support access to different pension and insurance products and boost financial inclusion.
Fraud, Scams & Cybercrime
“Ecosystem Approach” Vital to Combat Digital Fraud: HKMA
By Nithya Subramanian | 23/05/2024
Coordinated global efforts and information sharing initiatives are becoming more commonplace to combat fraud, but there is still work to do, said HKMA’s Carmen Chu.
Cybersecurity
US SEC Fines ICE for Late Notification of Cyber Intrusion
By Editors | 22/05/2024
Commissioners Hester Peirce and Mark Uyeda said the $10mn penalty was “disproportionately large” and creates a “counter-productive dynamic” with regulated entities.
AI Risk & Governance
Top Tech firms Commit to AI Safety at Seoul Summit
By Nithya Subramanian | 22/05/2024
Google, Meta, Microsoft, OpenAI and others have pledged to not develop or deploy AI models if the risks cannot be sufficiently mitigated.
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